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wayne lancaster's Advice

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wayne lancaster wrote:

Co-signing a loan for my Mother-in-Law

Answer
I would suggest you keep it simple........ buy a property for investment and lease it to her or have her meet with a lender to determine how her credit score can be improved. With $20K to put down, it may be better to use some of those funds to pay down/off revolving debt to improve credit score.  There are lenders that can do FHA loans with 600 credit score but requirements are tighter and rate is higher. Getting score to 640 or higher would allow a conventional loan to be a consideration, which is far more desirable than an FHA loan. If you put her on title it should be with plan for her to purchase/refinance in her name when her credit scores are at 640 or higher.
August 19
(0)

should i refinance to remove MORTGAGE INSURANCE premium of $365/month in exchange of higher interest

Answer
Assuming you are paying 1.25% for MIP, your effective rate is currently 5%.  If property appraises for $450K and balance is $360K, you would have an 80% loan to value and MI would not be required. You would need to pay closing cost out of pocket and/or lender credit to keep loan to value at 80%.  Paying your own escrows would keep refinance cost/amount lower. As long as you own the property for at least 18 months it would appear to that a refinance to conventional loan would be a good option. Talk to a few CA lenders (Justin Sheffel would be good source) and get some #s to review.
August 18
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Refinance for a self-employed person?

Answer
Bryan,$120K loan with $1,550 monthly income and 55% top ratio? I assume Adam does loans in Delaware as he may be only lender that can do "special loan". Otherwise your only option may be for ex to not write off anything for next year or two, so his net income is sufficient to qualify for a refinance.
August 15
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Can the mortgage company that bought my account from another mortgage company raise my payment

Answer
Not the principal and interest portion unless you have an ARM or interest only loan. Even then you would know if and when adjustments occur based on Deed of Trust Note you signed. If you have escrows they can change but you would know when and why by tax and insurance bills.
August 11
(0)

is it possible to add additional loan amount to an existing reverse mortgage without having to redo

Answer
Possibly.  Talk with lender servicing loan, and let them determine what options you have.
August 11
(0)

low income help?

Answer
Contact local and state Housing Offices to see if they have any grant funds that might be available.  Check a big box stores - Home Depot, Loews, etc and see about them financing roof they install. Local banks or credit unions can be explored.  Good luck.
August 11
(0)

I have a 2 percent interest only loan that will expire in 2016, should I refinance to a fix rate now

Answer
If you refinance to a fixed rate your payment would virtually triple. With a loan modification currently, can you afford/qualify for that amount?  If you are upside down the appraisal would likely be an issue. Do you plan on owing the property after 2016? If not or for only a year after that, your current status would be better option. In any event, it is now time for you to discuss your scenario with a local loan officer and determine if a refinance is even possible; and what terms would be available.
August 11
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Looking at VA Loan but creidt score across the 3 reporters are very different.

Answer
Stephen,Zillow does not allow contact info on post, and yours will be removed as spam and a violation of their Good Neighbor Policy.
August 10
(0)

Can you shop for rates after getting a pre-approval fom one bank?

Answer
Getting a pre approval letter and then shopping for rate is backwards. Why would you waste the time of a loan officer that you don't plan on using? On better yet, why would a loan officer waste his or her time spending hours assisting you with a pre approval letter, when they are not going to do your loan? Every consumer has the right to shop as much and as hard as they would like prior to deciding to go forward with a pre approval/loan application. You can shop mortgage brokers, mortgage bankers, credit unions, local big and small banks, internet lenders, etc. When you find the one that you decide to go with based on rate, service, experience, ability to close loan on time, criteria for you specific loan parameters, or whatever you use for making decision, that is time to request a pre approval letter from that lender.It is common in the real estate industry for Realtors to give customer 3 (not sure how that became the magic # - kind of like the 8 yr mattress life span mattress industry came up with)lender/loan officer names but surely they don't think that all 3 loan officers are going to take the time to give out an approval letter. Yet they know they or buyer can't proceed with out one prior to submitting an offer.I am happy to assist a customer with a pre approval letter. If they are still shopping, I will give them a quote and if they decide on me, we will go forward with the pre approval process. Just so everyone is on the same page, a pre approval letter consist of getting verification of income (pay stubs and/or tax returns), assets (most recent bank/funds statement, pulling and evaluating credit. running automated underwriting for approval, and job history info from a Loan Application. Doing anything less is a disservice to buyer, agents, and seller.In your case advising the lender to put a hold on the process would be appropriate.
August 10
(0)

What steps do I take to ensure this is not fraud?

Answer
Delete the email.
August 05
(0)